Coinin is the Korean blockchain media headquartered in Seoul, South Korea, it
relies on industry head resources and community advantages to form a huge
influence on the media. It is known as an upgraded version of the blockchain
Coinin recently launched the "Blockchain in Korea" series in South Korea,
visiting the top blockchain practitioners in South Korea and promoting
exchanges and cooperation between China and South Korea. In the new phase of
"Blockchain in Korea", Coinin invited Zeyu Sun who is the Founding Partner of
Genesis Capital to talk about "Who is the blockchain industry's rule maker?"
The 30th phase of the "Blockchain in Korea", Coinin's rotation host Tianwei
Huang who is the Founder of BTC38 invited Zeyu Sun, the Founding Partner of
Genesis Capital to talk about "Who is the blockchain industry's rule maker?"
Zeyu Sun ： Genesis Capital Founding Partner
Coldlar Wallet Co-founder
Tianwei Huang: I heard that you step into the industry in 2013. What
attracted you to join the blockchain industry? How do you feel about the
change in your perception of blockchain in this industry including founded
Coldlar wallets and Genesis Capital?
Zeyu Sun: The first time I heard the bitcoin was in 2013, I heard it from my
father. He said that when he heard the news he thought it was promising and
suggest me to study and research about it. I first thought it was just a kind
of Q coin. Therefore, I did not pay much attention to it at the beginning.
Later, during the internship at Beijing Wudaokou Financial College, I listened
to the lecture of Huobi. That was my first experience with bitcoin. "There was
really someone talking about Bitcoin. There is such a kind of crytpocurrency
exchange existing." This is my earliest experience with bitcoin. My initial
investment enthusiasm was very simple, just to make money. During that time, I
can awake for 72 hours and check the market trends. I felt very excited when I
earned the first pot of gold began from nothing. I was simply excited because
Later, I began to seriously observe and learn this industry. In this process,
I also met many like-minded friends and witnessed the development of the
blockchain, especially in China. In this process, I slowly moved from the
simple inpidual investor and the speculator to focus on the whole industry
and ecology. I firmly believe that the blockchain is the bright future, so I
co-founded the Kushen wallet with Da Wei and strive to seek some development
in the wallet ecology. Later, I founded Genisis Capital with Huai Yang to
provide a full lifecycle service for the blockchain. In doing so, I can not
only pursue more personal interests, but also contribute to the blockchain
Tianwei Huang: Genesis Capital is China's leading financial institution of
the blockchain industry. Please introduce Genesis Capital to us. How does
Genesis Capital provide advisory investment services for blockchain
Zeyu Sun: I am very glad that you asked this question and gave me a chance to
introduce the Genesis Capital.
Genesis Capital (Group) is a Chinese leading financial institution which
serves the blockchain industry. Its business includes digital currency funds,
deep incubation and investment banking. It focuses on venture capital in the
blockchain industry and is committed to seek for the highest quality project
and it is able to provide comprehensive, full life-cycle quality services for
potential blockchain startup projects at any stage of the market. We invested
in more than 50 blockchain projects such as TRON, QuarkChain, PENTA, ArcBlock,
Hydro, Tripio, ENDOR, APEX, Egretia, VITE and etc. At the same time, we have
incubated and served more than ten blockchain startup projects such as
Now the blockchain industry has developed into a very competitive era, and the
industry is doing the self-revolution. As an investment institution, we
noticed that the investment method and logic of “just giving money like a
father” is no longer feasible and we also need to give the project “Mother-like care and service”. While investing in the project, we also provide
resources within the industry to the projects, provide a full range of
guidance for entrepreneurs, actively undertake the early consultants of
entrepreneurs and accompany the project to develop all the way.
Tianwei Huang: Genesis Capital has invested in nearly 50 blockchain
projects. Please share the investment criteria when Genesis Capital chose the
project. It is said that public chain and infrastructure investment account
for nearly 80%. Do you prefer to invest the underlying technology of the
blockchain and what is the reason?
Zeyu Sun: Good question! After deeply understanding the current status of the
blockchain industry and summarizing our previous investment projects and
logic, from the perspective of qualitative and subjective quantification, we
use the original WWW+getBTC model to conduct multi-dimensional analysis and
judgment to the projects.
The WWW consists of three questions: Why blockchain? Why you? Why me? The
three questions are related to the entrepreneur's initial intention, ability
map and the resources they expect to get.
And getBTC is the six elements we think the project should have, g for
governance (the project's internal governance system), e for economy (token's
economic system), t for team (project startup team); B for Business Model
(project prospects and manageability), T for Technology (technich and logic),
and C for Community. Time is limited, so I will not talk about the detail. You
can check the WeChat public account of Genesis Capital which has detailed
In addition, we invested in a lot of projects related to the underlying
technologies of the public chain and blockchain. For now, the blockchain is
still at a very early stage, the underlying technology, facilities and
performance are not enough to prop up the blockchain's ambitious goal of
changing the world. For example, any running public chain’s TPS which is the
key indicator is still not able to compete with the centralized payment
system, such as VISA or Alipay, but at the same time we also consider this as
an opportunity. There is an old saying in China that if you want to be rich
build the road first which indicates the importance of the infrastructure in
There are many excellent teams in the field of underlying technology. We are
optimistic about their future development, so we have invested in these
Tianwei Huang: The blockchain industry enters into the bear market. How do
you consider the current market trend? What kind of investment strategy will
Genesis Capital adopt in the bear market? Do you have any advise to small and
Zeyu Sun: I think that any industry has a life cycle. The bear market or the
winter is inevitable and it is irresistible. For our investment strategy, of
course we will follow the market trend and cautious about investing in the
primary market project. The frequency of investment is less than before, this
is also a kind of protection for ourselves.
I also would like to say to many small and medium-sized investors, they must
be responsible for themselves, responsible for their own money and do not
listen to others easily and invest blindly. Especially, when the market
environment shrinks, we must protect our own money.
I could tell you how to protect yourself in a bear market. Firstly, you should
reduce the frequency of transactions. Secondly, you can choose a highly liquid
and more consensual currency. Thirdly, don't listen to the recommendations of
some so-called successful people. Those real successful people have no time to
recommend the currency. It is nothing more than a lie. You should study
further in the bear market to deepen your understanding of the blockchain.
However, the crisis and the opportunity always coexist, and no need to too
pessimistic. The bear market and the cold winter will reshuffle the industry,
self-revolution, eliminate some unqualified institutions, and squeeze some
industry bubbles. I think this will be beneficial to the future development of
the entire industry. Moreover, at this stage, capital costs and labor costs
are much lower than in the bull market. It is a rare opportunity to enter the
industry or buy.
Tianwei Huang: JPMorgan Chase announced the launch of JPM Coin, Facebook
plans to issue tokens and etc. Those financial, technology giants’ entry will
bring about what kind of impact or changes to the blockchain industry? Are the
giants' entry into the market will stabilize the cryptocurrency price of
Zeyu Sun: I am very happy to see that the giants of traditional industries
have entered the world of blockchain. The blockchain is global industry rather
than isolated. The integration of these traditional capitals, institutions and
companies will make the blockchain industry more competitive. After all, they
have more human and material resources which will benefit the future
development of the blockchain and their entry means the begining of the global
financial revolution. When these financial and technology giants start using
blockchains for international clearing and settlement, it means that
traditional finance is likely to be replaced by blockchain. The efficiency of
finance will be extremely improved.
Of course, Chinese companies such as Tencent, Alibaba and Baidu have entered
the blockchain field early. Or they have adopted blockchain technology to
enhance their competitiveness which also proves the specific value of the
But now the entry of these traditional giants brought a limited change on the
current blockchain industry. The giants and blockchains need to be fully
integrated and they should find their own position in the free market
competition. I don't think it will change the cryptocurrency market’s ups and
downs because of the giants' entry. Capital also likes fluctuations and
Tianwei Huang: Recently, STO and IEO have aroused much attention. How do
you think about STO and IEO? Could they have a greater impact on the
blockchain industry? Which kind of fundraising method are you more optimistic
Zeyu Sun: Let me talk about STO first. I think this concept or the way sounds
good. It is an attempt to combine traditional enterprises with blockchain. For
traditional enterprises, STO provides another method of financing, asset
trading, and circulation of valuable securities in addition to the IPO; it is
also a new innovation for the blockchain industry. While IEO is still a
traditional method of blockchain industry which is to raise funds on the
trading platform. Recently, the Launchpad and the Huobi Prime aroused much
attention, they are actually variants of IEO.
I think these two methods of fundraising are still fundamentally different:
STO is suitable for companies that already have physical assets or can
generate stable cash flow; and IEO is still more suitable for the nature of
the blockchain. They are all good means of fundraising. The choice of
fundraising method depends on the nature of the project itself.
Tianwei Huang: According to AMBcrypto, former Goldman Sachs partner Mike
Novogratz said that "One percent of everyone's portfolio should be used to
invest in bitcoin. Bitcoin is becoming a digital gold and the only valuable
cryptocurrency. Bitcoin’s value reserve function is one of the reasons why
financial institutions enter the field of encryption." Do you agree with this
opinion? You have said that the value of bitcoin is greatly underestimated.
How much do you think the true value of bitcoin worth?
Zeyu Sun: Partially agree. I agree that everyone should allocate bitcoin in
their portfolio, but 1% is a bit too small.
The biggest value of bitcoin is the reintegration of decentralized technology,
bringing the concept of blockchain to the world. Now there are quite a lot of
people who have the ability and ideals working hard in this industry. I think
there will be a company as great as Google in the blockchain world, just like
the Internet revolution in the past. Through the development of these years,
bitcoin has actually begun to become a trend of foreign exchange reserves.
I said "one coin equals one villa", expressing my deep expectations and
imagination of Bitcoin's future. I always think that bitcoin is undervalued.
Now I still firmly believe this judgment. The price of bitcoin will definitely
continue to rise and every price drop is the best buying opportunity.
Tianwei Huang: What is the latest activities and future plan of Genesis
Capital? In what ways does Genesis Capital hope to cooperate with projects or
institutions in China and South Korea?
Zeyu Sun: We prejudged the arrival of this bear market in the early 2018, so
we made a lot of preparations in advance, including adjusting the company's
main business direction. We are still very cautious in conducting investment
in the primary market. In addition, we are also focusing on strengthening some
cash flow business such as our investment banking services which helps start-up teams to grow quickly.
I hope that Genesis Capital can serve as a bridge between China and South
Korea's blockchain industry and support each other and boost the blockchain of
the two countries to develop further. Blockchain has no national boundaries.
We hope that Korean projects will enter the Chinese market to develop and
introduce China's excellent blockchain projects to Korea market.
Tianwei Huang: As a well-known person of the Chinese blockchain, you may
know a lot of outstanding practitioners in the blockchain industry.
"Blockchain in Korea" interview program is launched by [Coinin], is dedicated
to exploring high-quality Korean and Chinese projects and practitioners. Could
you recommend three honored guests to our program?
Zeyu Sun: Last question about recommend three guests, I will choose Tianwei
Huang because he is the most admired brother to me in the cryptocurrency
industry. The second guest, I recommend Dr. Ming of the Blockcloud. The third
one is to recommend Bman. He is also my good friend.
Q &A; Session
** Q1:** What is the biggest opportunity for the blockchain industry
Zeyu Sun: I think the biggest opportunity is in the platform currency. Why do
I say that?
Firstly, the launch of Binance’s Launchpad brought back the money-making
effect. So compared to the Binance, there are some top tier exchange platform
coins such as Huobi that are seriously underestimated. This year, the profit
distribution mechanism has been changed.
Secondly, Binance and Huobi platform coins will followed by a high probability
of various products, including decentralized exchanges and EOS exchanges which
will bring a lot of profits to promote platform coins. And once their own
public chains launch, they will become the competitor of the public chain such
as ETH, EOS and will further promote the value of platform coins.
** Q2:** Do you think stocks may be replaced by cryptocurrencies?
Zeyu Sun: I think that it is difficult to be replaced in a period of time and
the future stock market will also learn the blockchain market and evolved into
a 24-hour transaction.
Because when the settlement and clearing are on the chain, the 24-hour trading
becomes possible. The future of them will be mutually integrated and
· END ·
本文根据 Coinin 原创栏目「Blockchain in Korea」访谈内容整理，不表明 Coinin 立场。
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